Credit Suisse cuts global stocks to neutral
"In taking part of our year-to-date profits, we protect some of the strong gains achieved in January and create room for new opportunities," said Michael Strobaek, Global Chief Investment Officer at the Swiss bank.
"While we continue to expect overall attractive total returns from global equities this year, we recognize certain mounting short-term risks," he added in an emailed note on Tuesday.
Strobaek also noted that the year-to-date equity rally had been driven by a significant re-rating in share price valuations rather than an improvement in companies' earnings prospects.
(Reporting by Danilo Masoni; Editing by Catherine Evans)